Dear Loft Buyer,

     I, Joel Landy, the developer, builder, and sales agent, am building 32 Custom designed

Unique Lofts in the Historic 1917 Leland School.  The building was the first school built expressly

for handicapped kids and has an Elevator and a ramp to the third floor in 1917.  The 7 million

dollar renovation includes restoring many of these unique,  unusual features inside and out.

I have  built a model loft that is representative of some of the possible finishes.  The lofts are

custom built.  We tell our buyers to tell us their dreams,  and we will build it.  The lofts range in

size from 1150 to 2110 sq feet.  They range in price from 195,000 to about $270,000.  The good

part of the price is the special finance I have assembled for our condo buyers enables someone

that could normally afford the payment on a $150,000 house or condo elsewhere,  to purchase

a loft at Leland for $220,000 with the same payment.  To obtain a mortgage from National City for

a  200,000 dollar loft condo at Leland,  requires proof of income of at least $45,000 a year, and

good credit.  The loft can be bought with as little as 5% down.  The condo has a twelve year

property tax abatement that caps the property taxes at approximately $250 dollars per year.

I have arranged for National City Bank to provide mortgages to our buyers at 1 1/2 %  below their

current market interest rate from their NCHAMP mortgage program.  These two benefits keep the

payment between  $1027 and  $1350 for  most any loft including the $150 per month condo fee

and real estate taxes.  I have engineered the building renovation to keep the condo fee low.  The

utilities and spending decisions are then up to the individual owners. 

     Another benefit passed on to most owners is an approximate  $50,000 Dollar Historic State

Income Tax Credit, which allows each owner to get a full refund on any state income tax

(withholding) or SBT paid each year and carry the balance of the credit forward ten years, or until

the credit is used up.  The credit can also be assigned to a third party, ie: parent, or trusted friend,

to gain the full refund within ten years.

     The loft interiors are luxuriously finished including, tile, marble, walk in closets, custom

kitchens and baths, custom tile shower rooms and floor tile, 3/4 inch Oak hardwood flooring,

12-14 foot ceilings, gated parking, covered parking available, fitness gym, storage lockers, outdoor

decks, and on and on.   So...come see.

Call  me anytime at 313 215-6859     Open House every     SUNDAY  12-4